Quicken Loans Offshoot Enters Consumer Lending Market

Quicken Loans’ parent company is expanding beyond the mortgage market and is now offering personal loans for consumers.

The new lending outreach is being conducted by RocketLoans, a sister company of Quicken Loans (both are owned by Detroit-based Rock Holdings Inc.). The company will initially offer loan amounts up to $35,000 at fixed interest rates and 36- or 60-month terms. In March, RocketLoans will present what is being billed as an “immediate funding” feature that enables borrowers to receive funding for loans under $10,000 within minutes.

Last November, RocketLoans made its foray into the home loan world with the Rocket Mortgage, which was billed as “the first fully online process allowing consumers to apply, receive full approval and lock interest rates for home purchases and refinances.”

"RocketLoans provides the most convenient and efficient personal loan experience in the industry, giving clients access to the funds they need without any hidden tricks or gimmicks," said Todd Lunsford, CEO at RocketLoans. "Today's consumers have made it clear–they want simplicity and transparency from lenders. With RocketLoans, we have met that demand, while also streamlining the process and ensuring our clients have the cash they need quickly."